Recognition

The ONE Thing You Have To Do To Increase Your Profits by 22%

Engagement is normally something you only hear about in the corporate world, but it’s also the sort of thing that could be like rocket fuel for your business. …Because highly engaged employees or team members lead to a lot more money for everyone involved. …So what does engagement mean, anyway? Engagement measures the energy, effort, and passion employees (or team members) bring to their work.

Why is Engagement Important?

Higher Engagement Leads to…

  • 21% higher productivity
  • 87% less likely to leave the organization
  • 37% lower absenteeism
  • 22% higher profitability

What does this all mean? Well, companies with engaged employees outperform those without by 3 times. Engaged employees or team members have higher production levels, which translates to a better bottom line. Unfortunately, according to Gallup, 70% of the U.S. workforce is actively unengaged. Those unengaged employees cost U.S. businesses 6 billion dollars each year.

How Do You Know If Your Team’s Engaged?

Ask yourself these questions about your business:

  • Are your people highly motivated to contribute to the success of your organization?
  • Are your people consistently looking for more effective ways to get their work done?
  • Do your people get a strong sense of personal accomplishment from their work?
  • Do your people understand how they help your organization meet its goals?
  • Do your people always have a positive attitude?
  • Do your team members recognize employee or downline contributions?

If most of these answers are yes, you have good engagement. If most answers are no, then you have work to do.

What Causes Disengagement?

These following factors directly cause or contribute to disengagement: bad management/poor leadership, poor working conditions (which isn’t as relevant in the entrepreneurial world), stressful working conditions, limited advancement opportunities, and a lack of recognition.

Take a moment and examine your business. One area is far easier to strengthen then all the others, yet has a massive payoff. (If you aren’t sure which one it is, keep reading.)

How Do You Increase Engagement?

Companies with strong recognition have higher employee engagement. The easiest way to increase employee engagement is by creating a culture of appreciation. Employees receiving strong recognition generate nearly twice as many innovative ideas each month.

Innovative ideas, creativity, desire to accomplish goals… You can inspire all of those behaviors just by increasing the recognition in your team.

3 Essential Ways to Recognize Your Team

1. Encourage Effort

In any organization, recognition for effort leads to more effort, which leads to more results. The public recognition will motivate others to receive the same reward. Proper recognition encourages not just the person recognized but anyone else who knows about it. …And the person who receives recognition, even if just in the form of a simple card, will share their experience and excitement with others.

2. Reward Results

Yes, results are a reward unto themselves, but if you want to multiply the efforts of your team, you want to reward and acknowledge results. Reward desired behaviors and it’ll result in a wildfire of desired actions. Start the fire yourself by recognizing others’ successes.

3. Celebrate Careers

Are people in your business hitting major milestones? Acknowledge it. A simple card for a year of employment is a good start. Adding gift cards, gifts, or other promotional items for larger milestones is a great idea.

Recognition is the most efficient way to increase engagement in your business. Additionally, customer recognition works wonders, too. Increase recognition, increase your bottom line.

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